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The official social media marketing specialist of the SHIB team, known as Lucie on social media, has made a bullish announcement about the long-term prospects of Shiba Inu based on a recent report by Santiment.
This on-chain data aggregator shared recent statistics of various altcoins being withdrawn from exchanges in large amounts, and the top 10 exchange wallets are losing their crypto. Those cryptocurrencies include Shiba Inu. The report also mentioned how much SHIB is being held by the top 10 wallets at the moment.
Bullish long-term signal for SHIB
Santiment’s tweet stated that, currently, market participants are focusing their attention on ADA and SOL. However, many are also attentively watching Ethereum (ETH), Shiba Inu (SHIB), FetchAI (FET) and Dent (DENT) as the top 10 blockchain wallets are withdrawing these coins from the top 10 cryptocurrency exchange wallets.
This is usually considered a long-term bullish sign, the tweet stated. Over the past three months, the top largest SHIB wallets have lost $54.6 million worth of SHIB (5,180,265,654,648 meme coins) due to active withdrawals by nonexchange whales made during this period of time. The overall number of SHIB held by these blockchain addresses related to exchanges amounts to more than 177 trillion.
Apart from SHIB, $778.7 million worth of Ethereum, $48.2 million in FET and $867,500 DENT have been removed from exchanges.
SHIB burn rate skyrockets, here’s why
As reported by U.Today earlier, within the last 24 hours, the Shiba Inu burn rate skyrocketed by 161,540% as a staggering 8,593,932,621 SHIB meme coins were transferred to a virtual furnace.
Details provided by Etherscan show that almost all of these SHIB – 8,533,564,693 meme coins – were sent to unspendable blockchain wallets by the Shiba Inu team as they conducted one of the large scheduled SHIB burns announced recently.
Earlier this month, the SHIB team led by the enigmatic developer Shytoshi Kusama made two burns, removing more than eight billion SHIB coins from the circulating supply each time.
Over the weekend, Kusama confirmed in a tweet that billions of SHIB are being prepared for roasting. He added that in order to start performing impactful burns, the SHIB army needs to expand the utility and adoption of Shibarium.